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Ready to roll the dice and play craps? In this video, our gambling expert explains how to make lay bets.

Hey, guys. I’d like to go over lay bets in craps. With the buy bit, we spoke in an earlier video, you have the opportunity to buy the more favorable true odds as opposed to place-bet odds. You can’t place against a number if you’re betting the don’t pass or you wanted to lay odds, but you’re allowed to get true odds for betting against a number. For instance, if you wanted to bet $50 against the four, what you’d do is you’d specify to the dealer that you want to lay $50 against the four, right, and then they’ll make a mark of your bet, and you have to pay a 5 percent commission on what you’re expected to win on the bet. It’s different than the buy bet where you have to put a 5 percent commission on what you’re putting out. A lay bet, since you’re actually a favorite, you’re not going to get paid that much back, so they give you a break and make you pay 5% of what you’re expected to get back.

In this case here, there are six ways that you can win with the seven. There are three ways you can lose with the four, so you get one to two odds on this. So your payout, should a seven come up, would be $25, right? So with that you’d just pay a commission of $1.

Some casinos will let you pay the commission a little bit before there’s a decision, sometimes they’ll make you pay afterwards. And it’s a little bit more to your advantage if they do it afterwards. But otherwise, that’s a way to lock everything in. And unlike the buy bet where like I recommended against buying certain numbers, the lay bet, since if you want to go against the number it’s the only way you can do it, so I would recommend going that route.

One of my popular plays would be to do a combination $25 against the eight, and what happens there, it’s $24 that goes against the eight, and then it counts the dollar commission already. So, then if the seven does come out it gets paid its true odds. There are six ways that you can win the bet; five ways you can lose it, so you get paid five to six, which is the $20. The dealer takes it down, passes it to you.

Lay bets can also be used in situations where if you want to basically bet the farm that the guy is going to seven out on a roll and you’re up against the table maximum for free odds, you can actually buy more odds. You can go as high as you’d like on that up to the table limit, which the table limit is usually about like $2,000, $3,000 or so. Check with your casino on that.

But that is the lay bet in craps.

Source: YouTube